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GLOSSARY
Construction budget
A construction budget is the amount of money reserved for a building project. The construction budget can be one number representing the total amount of funds available for the project, or it can be an itemized list of smaller amounts that are available for specific aspects of the project.
Construction loan
It is a short term and interim loan to pay for the construction costs of building homes. It is in the form of periodic payments by the lender to the builder as the work progresses.
Construction spending
Construction spending is the amount of money used for the development of residential and commercial buildings. The U.S. Census Bureau releases monthly figures for public and private construction spending. The data is used in part to forecast GDP growth.
Construction to permanent loan
This loan pays first for the construction of a new home, then for a long-term mortgage.
Constructive receipt
Constructive receipt is a tax concept that defines when a taxpayer has earned taxable income. Earnings have been constructively received as soon as they're made available to the taxpayer. In the case of interest earned on a deposit account, the interest is constructively received when it's deposited to the account, regardless of when, or if, the taxpayer chooses to remove those funds from the account.
Consumer bankruptcy
Consumer bankruptcy is when an individual files for protection from creditors with the federal courts. The debts in question are primarily related to the purchase of consumer goods.
Consumer credit
Consumer credit is debt incurred to purchase consumer goods and services. Consumer goods and services are non-investment items that depreciate in value rapidly, such as clothes, electronics, vacations, etc. The term can also be used to differentiate personal debt from business debt.
Consumer credit counseling service
A counseling service that offers advice about how to work out a realistic budget and a debt repayment plan. The goal is to ensure that debts are paid back and the consumer knows how to avoid debt in the future. These services often work closely with creditors and can greatly reduce the interest rates on credit cards. Many people visit one of these agencies when they are preparing to buy a home in order to fix their credit score.
Consumer Credit Protection Act
The Consumer Credit Protection Act is federal legislation that limits wage garnishments and mandates disclosure of certain terms with respect to credit offerings. The Act was passed in 1968 and is best known for containing the Truth in Lending Act (TILA), which requires creditors to provide consumers with understandable, comparable terms for credit offers.
Consumer debt
Consumer debt is money borrowed for the purchase of consumer goods and services. Consumer goods and services are non-investment items that depreciate in value rapidly, such as clothes, electronics, vacations, etc. The term can also be used to differentiate personal debt from business debt.
Consumer debts
Consumer debts are loans incurred for the purchase of consumer goods and services. Consumer goods and services are non-investment items that depreciate in value rapidly,such as clothes, electronics, vacations, etc. The term can also be used to differentiate personal debts from business debts.
Consumer interest
Consumer interest is the cumulative finance charges assessed on personal debts.
Consumer Leasing Act
The Consumer Leasing Act is federal legislation that mandates how leasing costs and terms are disclosed to consumers. The Consumer Leasing Act was put into effect with a 1976 amendment to the Truth in Lending Act (TILA).
Consumer price index
The Consumer Price Index, or CPI, is a statistic that tracks the cost of living in the U.S. CPI is used as an inflationary indicator, with rapid increases indicating inflation, and rapid decreases indicating deflation.
Consumer Reporting Agency
A company that obtains files and sells information to creditors when they are deciding to extend credit to an applicant. It is important for the consumer to ensure that the information obtained by the reporting agency is correct. Consumers are able to dispute incorrect information with the agency.